Norwegian offshore provider Aker Solutions acquired majority stake in Brazilian oil and gas services company C.S.E. Mecanica e Instrumentacao. The offshore provider acquired 70% share from the Brazilian services company plus option purchase the remaining 30% equity of the company after three years. The deal is expected to complete in first quarter of 2017, but the financial details of the transaction were not disclosed. The acquisition is part from the expansion program of Aker Solutions, giving them access to the growing market for servicing of the existing Brazilian oil and gas fields, as C.S.E. Mecanica e Instrumentacao currently operate five service facilities.
“Aker Solutions has established a solid presence and reputation in Brazil’s oil and gas market over the past 40 years and entry into the country’s brownfield segment is an attractive growth opportunity”, said the CEO of Aker Solutions, Luis Araujo. “Joining forces with a successful local player like C.S.E. fits well with the internationalization of our services business, allowing us to bring our competence, knowledge and experience within this field to this important and growing region”, added he.
Aker Solutions is a Norwegian oil services company based in Oslo, which provides oilfield products, systems and services worldwide for customers in the oil and gas industry.